Reliance Power profits up 38 percent

Mumbai, Jan 19 (IANS) Beating market expectations, industrialist Anil Ambani-led Reliance Power on Monday announced a 38 percent jump in net profits for the quarter ended December 31, 2015, over the like period of the previous financial year.

The net profit of one of India’s largest private players in the power business stood at Rs.352 crore for October-December quarter of the current financial year, against Rs.254 crore for the corresponding quarter of 2014-15, the company said in a filing with stock exchanges.

The news led to the company’s shares jump over 6 percent intra-day to a high of Rs.51.60 over the previous close at Rs.48.65. The shares, thereafter, were quoting at Rs.49.95, up 2.67 percent over the previous close.

Among the other highlights, Reliance Power said its total income for the period was up 46 percent at Rs.2,666 crore, while the earnings before income, taxes and depreciation was up 96 percent at Rs.1,230 crore during the comparative quarters under review.

“Total gross generation from operating plants increased more than three times to 10,548 million units, against 3,167 million units in the third quarter of 2014-15. The Sasan ultra mega power project in Madhya Pradesh generated 8,158 million units operating at 93.3 percent load.”

The company also said its 100 MW concentrated solar power project at Dhursar in Rajasthan, the largest such plant under the government’s National Solar Mission and also touted a the biggest globally, had commenced power generation.

Reliance Power has among the largest portfolio of power projects in India in the private sector based on a variety of avenues including coal, gas, hydro and renewable energy, with a total operating capacity of 5,945 MW.

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